Plenty of business opportunities in North and East

There are opportunities for business development in the North and East and small to large scale enterprises will thrive with the emergence of new consumers who are now free and eager to recoup and start life, said a top official of the BizPact Investment Forum in Jaffna.

"There is potential for brand advertising and promotion of businesses as new environment has been created". As Sri Lanka is placed on a low rank, doing business is a discouraging factor for foreign investors. A conducive environment should be created to do business which is vital to entice inves tors", he said.

The project officials said the complicated system of taxation, bureaucracy and the highly politicised society are impediments to create a favourable investment climate in the country. The first major post-war investment forum in Jaffna convened by the Business for Peace Alliance (BPA) to attract local and foreign investments to the North and East will take place from January 5-8, 2010.

The Forum will focus on responsible economic development opportunities for small and medium enterprises and will help link the business community in Colombo, regional SMEs, local and foreign investors with the business community in the North and East.

The two day program includes a series of field visits to project sites, opportunities for buyers and sellers to meet, have discussions with business leaders of the regions and obtain first hand information on the ground reality.

Past Chairman, Vavuniya Chamber of Commerce, Industries and Agriculture, K.C.Suwarneraj said, the Paranthan Chemicals, the Kankasanthurai Cement Factory and the harbour at Point Pedro could be developed with the flow of foreign investments to the region.

"The opening of the A-9 road, lifting of the ban on fishing and access to funding are major incentives to restart businesses in the North and East", he said.

Business and Industrial chambers have lead business delegations to the North and East since mid this year and companies have already set up operations in the provinces. (LF)